UPDATE: Gilford Securities Initiates Coverage on D.R. Horton with Buy Rating

In a report published Wednesday, Gilford Securities initiated coverage on D.R. Horton DHI with a Buy rating. Gilford Securities noted, “We are initiating on homebuilder D.R. Horton (DHI) with a Buy rating in conjunction with our positive outlook for the US homebuilding market 2013-2015. DHI has been the number one builder in the US for a decade and is well positioned to benefit from the incipient housing recovery. Our price target of $27 is based on 2.3x our FYE 2013 book value per-share estimate of $12, among other factors such as 8x mid-cycle EPS projections of $3.50.” D.R. Horton closed on Tuesday at $20.73.